Invesco Ltd. Raises Stock Holdings in EVgo Inc. $EVGO

Key Points

• Invesco Ltd. increased its stake in EVgo Inc. by 39.4%, owning approximately 1,826,705 shares valued at $4.86 million as of the latest SEC filing.
• Several institutional investors significantly boosted their positions in EVgo in the fourth quarter, with D. E. Shaw & Co. Inc. growing its holdings by 175.5%.
• EVgo reported quarterly revenue of $98.03 million, surpassing estimates and marking a 47.1% increase year-over-year, despite an EPS loss of $0.10.

Invesco Ltd. increased its holdings in EVgo Inc. (NASDAQ:EVGO - Free Report) by 39.4% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,826,705 shares of the company's stock after purchasing an additional 516,382 shares during the period. Invesco Ltd. owned 0.60% of EVgo worth $4,859,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in the business. Merit Financial Group LLC bought a new stake in EVgo in the 1st quarter worth approximately $31,000. Ballentine Partners LLC bought a new stake in EVgo in the 1st quarter worth approximately $32,000. Mariner LLC bought a new stake in EVgo in the 4th quarter worth approximately $48,000. Teacher Retirement System of Texas bought a new stake in EVgo in the 1st quarter worth approximately $48,000. Finally, XTX Topco Ltd bought a new stake in EVgo in the 1st quarter worth approximately $55,000. 17.44% of the stock is owned by hedge funds and other institutional investors.

EVgo Stock Performance

EVgo stock traded down $0.03 during mid-day trading on Tuesday, hitting $3.84. The company's stock had a trading volume of 2,463,156 shares, compared to its average volume of 4,507,671. The company has a 50 day moving average of $3.69 and a 200-day moving average of $3.34. The stock has a market cap of $1.18 billion, a PE ratio of -9.37 and a beta of 2.34. EVgo Inc. has a one year low of $2.19 and a one year high of $9.07.

EVgo (NASDAQ:EVGO - Get Free Report) last issued its earnings results on Tuesday, August 5th. The company reported ($0.10) earnings per share for the quarter, topping the consensus estimate of ($0.13) by $0.03. The firm had revenue of $98.03 million during the quarter, compared to analysts' expectations of $86.15 million. During the same quarter in the prior year, the company posted ($0.10) earnings per share. EVgo's quarterly revenue was up 47.1% compared to the same quarter last year. EVgo has set its FY 2025 guidance at EPS. On average, equities research analysts forecast that EVgo Inc. will post -0.45 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. UBS Group lifted their price objective on EVgo from $5.00 to $5.40 and gave the stock a "buy" rating in a research note on Wednesday, August 20th. JPMorgan Chase & Co. reaffirmed an "overweight" rating on shares of EVgo in a research note on Thursday, May 8th. Morgan Stanley boosted their target price on EVgo from $4.00 to $4.50 and gave the company an "equal weight" rating in a research report on Wednesday, August 6th. Finally, Roth Capital reissued a "buy" rating on shares of EVgo in a research report on Wednesday, May 7th. Two analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, EVgo has an average rating of "Buy" and an average price target of $6.24.

EVgo Profile

EVgo, Inc owns and operates a direct current fast charging network for electric vehicles (EVs) in the United States. The company offers electricity directly to drivers, who access its publicly available networked chargers; original equipment manufacturer charging and related services; fleet and rideshare public charging services; and charging as a service and fleet dedicated charging services.